IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v14y2022i22p14743-d967289.html
   My bibliography  Save this article

Effects of Public Transport Accessibility and Property Attributes on Housing Prices in Polycentric Beijing

Author

Listed:
  • Yuchen Zhou

    (State Key Laboratory of Earth Surface Processes and Resource Ecology, School of Natural Resources, Faculty of Geographical Science, Beijing Normal University, Beijing 100875, China)

  • Yuhong Tian

    (State Key Laboratory of Earth Surface Processes and Resource Ecology, School of Natural Resources, Faculty of Geographical Science, Beijing Normal University, Beijing 100875, China)

  • Chi Yung Jim

    (Department of Social Sciences, Education University of Hong Kong, Hong Kong, China)

  • Xu Liu

    (China Academy of Urban Planning and Design (CAUPD), Beijing 100044, China)

  • Jingya Luan

    (State Key Laboratory of Earth Surface Processes and Resource Ecology, School of Natural Resources, Faculty of Geographical Science, Beijing Normal University, Beijing 100875, China)

  • Mengxuan Yan

    (State Key Laboratory of Earth Surface Processes and Resource Ecology, School of Natural Resources, Faculty of Geographical Science, Beijing Normal University, Beijing 100875, China)

Abstract

The public transit system is often developed in tandem with urban growth, bringing improved accessibility and raising housing prices around stations. The impact of public transport accessibility on housing prices demand in-depth empirical studies to understand the underlying factors. The confounding influence of polycentric cities, contrasting with monocentric ones, deserves more attention. We studied the effects of metro and bus accessibility on housing prices along metro lines 6, 7, 9 and 14 in Beijing under the polycentric scenario. Other property attributes, including building features, location characteristics and neighborhood amenities, served as explanatory variables. Ordinary least squares (OLS) and geographically weighted regression (GWR) were used to build the global (whole-study area) and local hedonic price models, respectively. The results indicated that GWR performed better than OLS in predicting the effects of public transport accessibility on housing prices. Residential properties with access to more metro lines and stations and bus stops were associated with higher housing prices, with metro stations exerting more effects. The premiums of monocentric and polycentric models showed similar spatial patterns. In polycentric Beijing, the premiums of metro accessibility were higher in the eastern part, and the effect of bus accessibility showed circular distribution. Beijing could be regarded as a monocentric city on a global scale, but the influence of subcenters should be considered in a local polycentric regression model. The findings can inform urban planning concerning land use and public transport provision in Beijing and selecting research models in cognate studies.

Suggested Citation

  • Yuchen Zhou & Yuhong Tian & Chi Yung Jim & Xu Liu & Jingya Luan & Mengxuan Yan, 2022. "Effects of Public Transport Accessibility and Property Attributes on Housing Prices in Polycentric Beijing," Sustainability, MDPI, vol. 14(22), pages 1-16, November.
    • Handle: RePEc:gam:jsusta:v:14:y:2022:i:22:p:14743-:d:967289
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/14/22/14743/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/14/22/14743/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Dongfang Zhang & Jingjuan Jiao, 2019. "How Does Urban Rail Transit Influence Residential Property Values? Evidence from An Emerging Chinese Megacity," Sustainability, MDPI, vol. 11(2), pages 1-16, January.
    2. Veronika Liebelt & Stephan Bartke & Nina Schwarz, 2019. "Urban Green Spaces and Housing Prices: An Alternative Perspective," Sustainability, MDPI, vol. 11(13), pages 1-21, July.
    3. Qing Shen & Simin Xu & Jiang Lin, 2018. "Effects of bus transit-oriented development (BTOD) on single-family property value in Seattle metropolitan area," Urban Studies, Urban Studies Journal Limited, vol. 55(13), pages 2960-2979, October.
    4. Feng Lan & Qi Wu & Tao Zhou & Huili Da, 2018. "Spatial Effects of Public Service Facilities Accessibility on Housing Prices: A Case Study of Xi’an, China," Sustainability, MDPI, vol. 10(12), pages 1-20, November.
    5. Jonas Eliasson & Fredrik Kopsch & Svante Mandell & Mats Wilhelmsson, 2020. "Transport Mode and the Value of Accessibility–A Potential Input for Sustainable Investment Analysis," Sustainability, MDPI, vol. 12(5), pages 1-14, March.
    6. Daquan Huang & Xiaoqing Yang & Zhen Liu & Xingshuo Zhao & Fanhao Kong, 2018. "The Dynamic Impacts of Employment Subcenters on Residential Land Price in Transitional China: An Examination of the Beijing Metropolitan Area," Sustainability, MDPI, vol. 10(4), pages 1-22, March.
    7. Ottensmann, John R. & Payton, Seth & Man, Joyce, 2008. "Urban Location and Housing Prices within a Hedonic Model," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 38(1), pages 1-17.
    8. Xu, Tao & Zhang, Ming & Aditjandra, Paulus T., 2016. "The impact of urban rail transit on commercial property value: New evidence from Wuhan, China," Transportation Research Part A: Policy and Practice, Elsevier, vol. 91(C), pages 223-235.
    9. Sisman, S. & Aydinoglu, A.C., 2022. "A modelling approach with geographically weighted regression methods for determining geographic variation and influencing factors in housing price: A case in Istanbul," Land Use Policy, Elsevier, vol. 119(C).
    10. Nana Cui & Hengyu Gu & Tiyan Shen & Changchun Feng, 2018. "The Impact of Micro-Level Influencing Factors on Home Value: A Housing Price-Rent Comparison," Sustainability, MDPI, vol. 10(12), pages 1-23, November.
    11. Tan, Ronghui & He, Qingsong & Zhou, Kehao & Xie, Peng, 2019. "The effect of new metro stations on local land use and housing prices: The case of Wuhan, China," Journal of Transport Geography, Elsevier, vol. 79(C), pages 1-1.
    12. Bowes, David R. & Ihlanfeldt, Keith R., 2001. "Identifying the Impacts of Rail Transit Stations on Residential Property Values," Journal of Urban Economics, Elsevier, vol. 50(1), pages 1-25, July.
    13. Zhou, Yuyang & Zheng, Shuyan & Hu, Zhonghui & Chen, Yanyan, 2022. "Metro station risk classification based on smart card data: A case study in Beijing," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 594(C).
    14. Joachim Zietz & Emily Zietz & G. Sirmans, 2008. "Determinants of House Prices: A Quantile Regression Approach," The Journal of Real Estate Finance and Economics, Springer, vol. 37(4), pages 317-333, November.
    15. Shengxiao Li & Luoye Chen & Pengjun Zhao, 2019. "The impact of metro services on housing prices: a case study from Beijing," Transportation, Springer, vol. 46(4), pages 1291-1317, August.
    16. Guowei Lyu & Luca Bertolini & Karin Pfeffer, 2020. "Is Labour Productivity Higher in Transit Oriented Development Areas? A Study of Beijing," Tijdschrift voor Economische en Sociale Geografie, Royal Dutch Geographical Society KNAG, vol. 111(4), pages 652-670, September.
    17. Zhen Liu & Shenghe Liu, 2018. "Polycentric Development and the Role of Urban Polycentric Planning in China’s Mega Cities: An Examination of Beijing’s Metropolitan Area," Sustainability, MDPI, vol. 10(5), pages 1-14, May.
    18. Xiaoqi Zhang & Yanqiao Zheng & Lei Sun & Qiwen Dai, 2019. "Urban Structure, Subway Systemand Housing Price: Evidence from Beijing and Hangzhou, China," Sustainability, MDPI, vol. 11(3), pages 1-23, January.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Hawnaz Magid Abdulla & Muammal Alaaddin Ibrahim, 2023. "The Impact of Urban Spatial Plan on Land Value: An Approach System to Relating Space Syntax Premises to the Land Price," Sustainability, MDPI, vol. 15(9), pages 1-28, April.
    2. Yuchen Qin & Yikang Zhang & Minfeng Yao & Qiwei Chen, 2023. "How to Measure the Impact of Walking Accessibility of Suburban Rail Station Catchment Areas on the Commercial Premium Benefits of Joint Development," Sustainability, MDPI, vol. 15(6), pages 1-29, March.
    3. Varameth Vichiensan & Vasinee Wasuntarasook & Titipakorn Prakayaphun & Masanobu Kii & Yoshitsugu Hayashi, 2023. "Influence of Urban Railway Network Centrality on Residential Property Values in Bangkok," Sustainability, MDPI, vol. 15(22), pages 1-25, November.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Qingchun Liu & Peixiong Zhao & Yan Xiao & Xin Zhou & Jun Yang, 2022. "Walking Accessibility to the Bus Stop: Does It Affect Residential Rents? The Case of Jinan, China," Land, MDPI, vol. 11(6), pages 1-17, June.
    2. Haizhen Wen & Zaiyuan Gui & Chuanhao Tian & Yue Xiao & Li Fang, 2018. "Subway Opening, Traffic Accessibility, and Housing Prices: A Quantile Hedonic Analysis in Hangzhou, China," Sustainability, MDPI, vol. 10(7), pages 1-23, June.
    3. Cyprian Chwiałkowski & Adam Zydroń & Dariusz Kayzer, 2022. "Assessing the Impact of Selected Attributes on Dwelling Prices Using Ordinary Least Squares Regression and Geographically Weighted Regression: A Case Study in Poznań, Poland," Land, MDPI, vol. 12(1), pages 1-20, December.
    4. Ibraeva, Anna & Correia, Gonçalo Homem de Almeida & Silva, Cecília & Antunes, António Pais, 2020. "Transit-oriented development: A review of research achievements and challenges," Transportation Research Part A: Policy and Practice, Elsevier, vol. 132(C), pages 110-130.
    5. Sangwan Lee & Liming Wang, 2022. "Intermediate Effect of the COVID-19 Pandemic on Prices of Housing near Light Rail Transit: A Case Study of the Portland Metropolitan Area," Sustainability, MDPI, vol. 14(15), pages 1-17, July.
    6. Andres Dominguez & Hernán Enríquez Sierra & Nicolás Cuervo Ballesteros, 2021. "Regional Spatial Structure and Land Use: Evidence from Bogotá and 17 Municipalities," Land, MDPI, vol. 10(9), pages 1-22, August.
    7. Papon, Francis & Nguyen-Luong, Dany & Boucq, Elise, 2015. "Should any new light rail line provide real estate gains, or not? The case of the T3 line in Paris," Research in Transportation Economics, Elsevier, vol. 49(C), pages 43-54.
    8. Antonio Nesticò & Marianna La Marca, 2020. "Urban Real Estate Values and Ecosystem Disservices: An Estimate Model Based on Regression Analysis," Sustainability, MDPI, vol. 12(16), pages 1-15, August.
    9. Jose Torres-Pruñonosa & Pablo García-Estévez & Josep Maria Raya & Camilo Prado-Román, 2022. "How on Earth Did Spanish Banking Sell the Housing Stock?," SAGE Open, , vol. 12(1), pages 21582440221, March.
    10. Li, Zheng, 2018. "The impact of metro accessibility on residential property values: An empirical analysis," Research in Transportation Economics, Elsevier, vol. 70(C), pages 52-56.
    11. Yang, Jiawen & Su, Pinren & Cao, Jason, 2020. "On the importance of Shenzhen metro transit to land development and threshold effect," Transport Policy, Elsevier, vol. 99(C), pages 1-11.
    12. Laura Gabrielli & Aurora Greta Ruggeri & Massimiliano Scarpa, 2023. "“Location, Location, Location”: Fluctuations in Real Estate Market Values after COVID-19 and the War in Ukraine Based on Econometric and Spatial Analysis, Random Forest, and Multivariate Regression," Land, MDPI, vol. 12(6), pages 1-23, June.
    13. Li, Jianyi & Huang, Hao, 2020. "Effects of transit-oriented development (TOD) on housing prices: A case study in Wuhan, China," Research in Transportation Economics, Elsevier, vol. 80(C).
    14. Rong Yang & Linda Yin-nor Tjia & Matthias Finger, 2021. "Research on the Impact of Urban Rail Transit on the Financing Constraints of Enterprises from the Perspective of Sustainability," Sustainability, MDPI, vol. 13(19), pages 1-19, September.
    15. Sisman, S. & Aydinoglu, A.C., 2022. "A modelling approach with geographically weighted regression methods for determining geographic variation and influencing factors in housing price: A case in Istanbul," Land Use Policy, Elsevier, vol. 119(C).
    16. Kaida Chen & Hanliang Lin & Lingyun Liao & Yichen Lu & Yen-Jong Chen & Zehua Lin & Linxi Teng & Aifang Weng & Tianqi Fu, 2022. "Nonlinear Rail Accessibility and Road Spatial Pattern Effects on House Prices," Sustainability, MDPI, vol. 14(8), pages 1-24, April.
    17. Yang, Linchuan & Chau, K.W. & Wang, Xu, 2019. "Are low-end housing purchasers more willing to pay for access to basic public services? Evidence from China," Research in Transportation Economics, Elsevier, vol. 76(C).
    18. Seungwoo Choi & Mun Yong Yi, 2021. "Computational Valuation Model of Housing Price Using Pseudo Self Comparison Method," Sustainability, MDPI, vol. 13(20), pages 1-22, October.
    19. Bohman, Helena & Nilsson, Désirée, 2016. "The impact of regional commuter trains on property values: Price segments and income," Journal of Transport Geography, Elsevier, vol. 56(C), pages 102-109.
    20. Hanli Chen & Yu Zhang & Ningxin Zhang & Man Zhou & Heping Ding, 2022. "Analysis on the Spatial Effect of Infrastructure Development on the Real Estate Price in the Yangtze River Delta," Sustainability, MDPI, vol. 14(13), pages 1-22, June.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:14:y:2022:i:22:p:14743-:d:967289. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.